Analysis indicates that NIO's past stock performance has been closely tied to its profitability. The company's first-ever net profit in Q4 2025 led to a 20% surge in its stock price, while a return to losses in Q1 2026 caused a decline. Despite continuous revenue growth, with deliveries reaching 227,057 units as of July 31, a 68% year-over-year increase, profitability remains a key challenge for NIO. The company's unique "Battery as a Service" (BaaS) model aims to reduce vehicle purchase costs and secure recurring revenue through battery leasing and swap services, but initial battery swap station construction costs are high. Therefore, whether NIO can achieve net profit in its upcoming Q2 earnings report will be a major focus for the market.